About Manipal Health Enterprises IPO
Manipal Health Enterprises IPO Details
Manipal Health Enterprises IPO is a 100% book-built issue worth up to ₹9,274 crore, comprising a fresh issue of ₹7,998 crore and an offer for sale (OFS) of 2.16 crore equity shares worth up to ₹1,275 crore, with a face value of ₹2 per share. The company filed its DRHP with SEBI on March 23, 2026.
The price band of the issue is set at ₹560 to ₹590 per share and the lot size for an application is 25 shares. The minimum amount of investment required by an individual investor is ₹14,750 (25 shares). The IPO will be open from July 29 to 31, 2026, on the BSE and the NSE platforms, with a tentative listing date fixed as August 5, 2026.
The book-running lead managers of the issue are Kotak Mahindra Capital Company Ltd., Axis Capital Ltd., Goldman Sachs (India) Securities Private Ltd., Jefferies India Private Ltd., J.P. Morgan India Private Ltd., UBS Securities India Private Ltd. and DBS Bank India Ltd., while the registrar to the issue is KFin Technologies Ltd.
Manipal Health Enterprises IPO Date & Timeline
The Manipal Health Enterprises IPO is officially set to open for subscription on July 29, 2026 and will close on July 31, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on March 23, 2026 and has now finalised its schedule following SEBI approval. Once the subscription window closes, allotment is expected on August 3, 2026. Following this, the company will initiate refunds and credit shares to successful investors' demat accounts on August 4, 2026. Finally, shares of Manipal Health Enterprises Ltd. are tentatively scheduled to list on the stock exchanges on August 5, 2026.
Manipal Health Enterprises IPO Timeline
| IPO Open Date | Wed, Jul 29, 2026 |
| IPO Close Date | Fri, Jul 31, 2026 |
| Tentative Allotment | Mon, Aug 3, 2026 |
| Initiation of Refunds | Tue, Aug 4, 2026 |
| Credit of Shares to Demat | Tue, Aug 4, 2026 |
| Tentative Listing Date | Wed, Aug 5, 2026 |
| Cut-off time for UPI mandate confirmation | - |
Manipal Health Enterprises IPO Details
| Detail | Description |
|---|---|
| IPO Date | 29 to 31 Jul, 2026 |
| Listing Date | 5 Aug, 2026 |
| Face Value | ₹ 2 per share |
| Issue Price Band | ₹ 560 to ₹ 590 |
| Lot Size | 25 Shares |
| IPO Type | Fresh capital cum OFS |
| Total Issue Size | 15,72,07,054 shares (agg. up to ₹ 9,275 Cr) |
| Fresh Issue(Ex Market Maker) | 13,55,93,220 shares (agg. up to ₹ 8,000 Cr) |
| Offer for Sale | 2,16,13,834 shares of ₹2 (agg. up to ₹ 1,275 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 1,17,97,57,321 shares |
| Share Holding Post Issue | 1,31,53,50,541 shares |
Manipal Health Enterprises IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Manipal Health Enterprises IPO GMP is currently trading at ₹35, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹625, which is 5.93% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
IPO Estimated Listing Return
Based on the IPO Price of ₹590 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹20 and a lot size of 25 shares.
Manipal Health Enterprises GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 25 Jul 2026 | ₹590 | ₹20 | 25 Jul, 202604:34 PM |
| 24 Jul, 2026 | ₹590 | ₹33 | 24 Jul, 202604:35 PM |
Company Background
Manipal Health Enterprises Ltd. was incorporated in Bengaluru as a private limited company on February 15, 2010, but the first facility of Manipal Hospitals commenced in 1991, with the vision of providing advanced and accessible healthcare, starting as a single hospital and gradually growing into a large healthcare group.
Its core business today focuses on operating and managing a wide network of multispecialty and super-speciality hospitals, with its headquarters in Bengaluru, Karnataka. Over time, it has expanded across India and now stands as the largest pan-India multispecialty hospital network by bed capacity, serving both metro and non-metro regions across multiple states and union territories.
Operations & Product Range
Manipal Health Enterprises Ltd. has a fully integrated health care system that covers all aspects, ranging from general health care services to more complex tertiary and quaternary services. Its main areas of expertise involve specialised clinical services in areas like Cardiac, Oncology, Neuro, Gastro, Ortho, and Renal sciences. This organisation caters not only to local patients but also to international patients who come to India for specialised treatment.
Facilities & Capacity
Manipal Health Enterprises Ltd. runs a large healthcare network of 48 hospitals across 14 states and union territories, with 10,761 licensed beds and over 12,600 beds supported by advanced medical technology and a workforce of more than 11,000 doctors and 20,000+ employees. It continues to focus on optimising operations and integrating acquisitions to standardise patient care across all facilities.
Brands & Market Presence
Manipal Health Enterprises Ltd. functions under the “Manipal Hospitals” brand name and is one of the reliable healthcare providers in India, having a prominent presence across the country, particularly in Karnataka, expanding further into the western and eastern parts of India through acquisitions such as Sahyadri Hospitals and Medica Synergie. Its brand enjoys various national and international accreditations.
Revenue Streams & Business Model
Manipal Health Enterprises Ltd. operates an integrated multi-speciality healthcare network, generating revenue primarily from inpatient and outpatient medical services, complex surgical procedures, and diagnostic testing across its hospital facilities. The firm's business model relies on a regional hub-and-spoke delivery framework, leveraging high bed capacity utilization, specialised tertiary and quaternary clinical capabilities, and higher average revenue per occupied bed (ARPOB) to achieve sustainable margin expansion.
Financial Performance
Manipal Health Enterprises Ltd. showed strong growth in FY25. Revenue from operations surged 33.6% Year-on-Year to reach ₹8,242.25 crore. Operating profitability remained solid with an EBITDA margin of 27.4%. Profit After Tax (PAT) doubled to ₹1,081.67 crore (up 102.9% YoY), while Return on Net Worth (RoNW) reached 18.16%. Performance was driven by high hospital occupancy (67.1%) and an Average Revenue Per Occupied Bed (ARPOB) of ₹63,312/day.
Management & Shareholding
Manipal Health Enterprises Ltd. is led by promoters including Dr. Ranjan Ramdas Pai and several Manipal and associated investment entities, along with institutional investors, all with strong healthcare and education experience. Before the IPO, the promoters held above 90% stake in the company, but after the IPO, the promoters' shareholding will be diluted as the offering includes 4.32 crore equity shares by existing shareholders.
Board & Key Management
The leadership of Manipal Health Enterprises Ltd. is led by a team of experts with many years of experience. Dr. Hebri Sudarshan Ballal serves as the Chairman and gives strategic direction to the firm. The daily operations are managed by Dilip Jose Puthiyidathu, the Managing Director, along with Whole-Time Directors. To ensure good governance, the board includes Independent Directors for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Manipal Health Enterprises IPO Financial Information
Latest Revenue
1,350.39
₹ Crore
Profit After Tax
916.52
₹ Crore
Net Worth
8,440.92
₹ Crore
Total Borrowing
10,553.43
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2026 | 24,864.50 | 1,350.39 | 916.52 | 8,440.92 | 8,204.96 | 10,553.43 | |||
| 31 Mar 2025 | 14,072.08 | 1,137.18 | 1,081.67 | 5,865.66 | 5,788.60 | 4,766.83 | |||
| 31 Mar 2024 | 10,818.83 | 568.05 | 533.20 | 4,029.22 | 3,953.59 | 3,943.98 | |||
| Amount in ₹ Crore | |||||||||
Manipal Health Enterprises Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | - |
| ROCE | 21.88 % |
| Debt/Equity | - |
| RoNW | 10.57 % |
| PAT Margin | 8.87 % |
| EBITDA Margin | 27.05 % |
| Price to Book Value | 8.13 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 7.77 | 6.97 |
| P/E (x) | 75.93 | 84.65 |
Manipal Health Enterprises IPO Objectives
The company intended to use the Manipal Health Enterprises IPO proceeds for strategic purposes:
- • Repay/prepay of debt (in part or in full) and accrued interest availed by its material subsidiary.
- • Funding the acquisition of a minority stake in its step-down subsidiary
- • General corporate purposes
Manipal Health Enterprises IPO Review
Manipal Health Enterprises Ltd. is a major player in India’s listed healthcare space, being the largest hospital network by bed capacity with strong economies of scale and wide clinical reach. Its focus on high-value complex treatments helps it maintain a strong competitive position.
Financially, it has shown strong performance in FY25 with ₹8,242.25 crore revenue and ₹1,081.67 crore profit, reflecting a mature and cash-generating business. With this issue, the company aims to strengthen its financial statements by reducing debt, which is expected to lower interest costs and support margin improvement and future growth.
However, there are several strengths of the organisation that investors must know about, such as its massive infrastructure, expertise in the field of healthcare and skilled management, whereas the risks associated with the firm are its high reliance on the region of Karnataka and potential difficulties in integrating the acquired hospital chains. Overall, the IPO offers exposure to a leading healthcare network with strong scale and a clear deleveraging strategy, but investors will need to consider these strengths and risks alongside the final valuation and price band once announced.
Conclusion
Manipal Health Enterprises IPO is an opportunity for investors to invest in a growing company that has maintained its strong legacy in Indian healthcare, large bed capacity, clinical expertise and solid financial performance, which together create a resilient foundation for future growth. With this issue, the company aims to expand and invest in the subsidiary for future growth and day-to-day operations.
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Competitive Strengths
The largest pan-India multispecialty hospital network by bed capacity, boasting over 12,600 licensed beds across 49 hospitals.
Deep clinical expertise across high-value tertiary and quaternary care specialties, supported by over 11,000 doctors.
A robust financial profile characterised by strong revenue growth, improving profitability margins and a healthy return on net worth.
An established brand with a proven track record of successfully integrating large-scale acquisitions to expand its geographic footprint.
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IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 25 | 14750 |
| Individual investors (Retail) (Max) | 13 | 325 | 191750 |
| S-HNI (Min) | 14 | 350 | 206500 |
| S-HNI (Max) | 67 | 1675 | 988250 |
| B-HNI (Min) | 68 | 1700 | 1003000 |